When To Buy A Home
Most home buyers will live in their home for seven years or more. If that's the case, it makes more sense to buy than to rent -- in most any market.There are also tax benefits with home ownership. The interest paid on the loan, and the property taxes, can be deducted from an owner's gross income. This will reduce the owner's taxable income, which will, in turn, lower the amount of taxes that the homeowner will need to pay. Homeowners will save many thousands of dollars through income tax deductions.
The average yearly appreciation on a home, which will vary from year to year, is approximately 5 percent. In some years, the home may depreciate in value. Over time, however, owning a home is one of the very best financial investments a person can make. The richest people have accumulated wealth through home ownership and real estate investments. 3 out of every 4 people have more equity in their home than assets in their retirement plans, stocks, mutual funds, and savings
Homeowners also have the freedom to do whatever they want to makes their home a comfortable place for themselves and their families. Homeowners get the benefits of any improvements they make, plus they get to live in an environment they have created. It's "home", not a temporary place to sleep and eat until a home is bought.
When a person rents, they are normally limited on what they can do to improve their home. First, renters have to get permission to make certain types of improvements. But it doesn't make sense to spend thousand of dollars making improvements when the main person who benefits is the landlord.
If someone is thinking about delaying a purchase because they want to "time the market" to get the very best deal -- well, that is almost impossible to do with precision. In an area with declining market prices, reliably picking the 'bottom' of the market is just guessing. In the meantime, interest rates could end up being higher, which means monthly payment could be higher also.
More great real estate resources below:
NanaimoInformation.com has all kinds of stuff, including Nanaimo real estate info.
Search the Orlando MLS for Orlando area real estate and homes.
Search the Tampa MLS for Tampa Bay area real estate and homes.
Gary Ashton specializes in Nashville Real Estate and homes for sale.
Your leading site for all your Breckenridge and Summit county real estate needs.
